"As an industry, we have to work together and adopt more universal practices in order to improve our business," said Waggoner. "Insurance producers and companies need an infrastructure that allows for efficient and timely compliance with state licensing, renewal and appointment requirements."
Centralizing databases and tools and making more uniform reporting systems will not only make it easier for agents to meet reporting requirements, but also for regulators to keep an accurate pulse on the industry and protect consumers.
As part of a continual effort to create a one-stop shop for submitting regulatory required documents online, NIPR is committed to increasing the number of jurisdictions that participate in the system as well as partnering to harmonize more processes.
In order to do this, NIPR occasionally partners with other groups to harmonize data. Recently, NIPR signed an agreement with the Association for Cooperative Operations Research and Development (ACORD) to fuse specific NIPR processes with existing ACORD Messaging Library data and message definitions in a major move toward improving the producer licensing and appointment processes.
NIPR also works closely with its Authorized Business Partners (ABP) to integrate its data with ABP's suite of products and services, giving users more options to support the licensing and compliance processes needed for resident producer licensing and renewals.
"Centralized industry standards will be key in 2010 for keeping our industry healthy and efficient, ultimately restoring faith among our customers," said Waggoner.
|SOURCE National Insurance Producer Registry|
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